Latest news with #SignalRisk
Straits Times
12 hours ago
- Business
- Straits Times
Niger targets jihadist financing, kills 13 in illegal gold mine raids
NIAMEY - Niger's army has raided jihadist-controlled informal mining sites in the country's west, killing more than a dozen insurgents and seizing material linked to the manufacture of improvised explosive devices, it said. An army statement said the raids took place last week in the Tagueye locality, near Niger's western border with Burkina Faso. It said 13 insurgents were killed and one arrested. "Previously under the control of armed terrorist groups, these sites have been dismantled and systematically rendered inoperative," said the army statement released over the weekend. The raids "aimed at drying up the sources of financing for terrorist activities", it said. Like Sahel neighbours Mali and Burkina Faso, Niger is battling an insurgency by jihadist groups linked to Al Qaeda and Islamic State that have killed thousands and taken control of villages in its western border and the south. The military-ruled government expelled French forces, turning instead to Russia to help fight the insurgents. Ryan Cummings, director of the Africa-focused intelligence firm Signal Risk, said the raids may have temporarily disrupted illicit gold mining, but cutting off insurgents' financing required stronger efforts. "The minute state forces depart areas and mining sites with militant presence, the same actors can return to these deposits and restart operations," Cummings said. The insurgency in Niger has further battered the economy in Niger, where around 4.5 million people, or 17% of the population, required aid in 2024, according to the United Nations. In May, eight staff of privately-owned Nguvu Mining, which operates the Samira Hill gold mine southwest of the capital Niamey, were killed when the military-escorted bus they were travelling in ran over an IED, a company executive told Reuters. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
12 hours ago
- Business
- Reuters
Niger targets jihadist financing, kills 13 in illegal gold mine raids
NIAMEY, June 16 (Reuters) - Niger's army has raided jihadist-controlled informal mining sites in the country's west, killing more than a dozen insurgents and seizing material linked to the manufacture of improvised explosive devices, it said. An army statement said the raids took place last week in the Tagueye locality, near Niger's western border with Burkina Faso. It said 13 insurgents were killed and one arrested. "Previously under the control of armed terrorist groups, these sites have been dismantled and systematically rendered inoperative," said the army statement released over the weekend. The raids "aimed at drying up the sources of financing for terrorist activities", it said. Like Sahel neighbours Mali and Burkina Faso, Niger is battling an insurgency by jihadist groups linked to Al Qaeda and Islamic State that have killed thousands and taken control of villages in its western border and the south. The military-ruled government expelled French forces, turning instead to Russia to help fight the insurgents. Ryan Cummings, director of the Africa-focused intelligence firm Signal Risk, said the raids may have temporarily disrupted illicit gold mining, but cutting off insurgents' financing required stronger efforts. "The minute state forces depart areas and mining sites with militant presence, the same actors can return to these deposits and restart operations," Cummings said. The insurgency in Niger has further battered the economy in Niger, where around 4.5 million people, or 17% of the population, required aid in 2024, according to the United Nations. In May, eight staff of privately-owned Nguvu Mining, which operates the Samira Hill gold mine southwest of the capital Niamey, were killed when the military-escorted bus they were travelling in ran over an IED, a company executive told Reuters.
Yahoo
10-05-2025
- Business
- Yahoo
Lab-grown alternatives crush world's only diamond economy
When Botswana last year unveiled the second-largest diamond ever excavated, the country's now former president was quick to pose with the fist-sized gem. Mokgweetsi Masisi no doubt hoped some sparkle from the 2,492-carat stone would rub off on his beleaguered administration and the mining industry that keeps Botswana afloat. The small southern African nation is more dependent than any other country on diamonds, which make up a third of revenue and the majority of exports. Botswana has been particularly badly hit by a dramatic slump in demand, which has blown a hole in the finances of one of Africa's richest and most stable countries. Slowing business in China and the hangover from a pandemic spending splurge have both knocked prices, but worrying diamond miners more than anything else has seen the dramatic rise of laboratory-grown stones. These artificially made gems are chemically identical to natural diamonds, and can only be told apart by expert testing. Yet they are grown in a matter of days in laboratories, rather than formed over geological ages deep in the earth. As a result, they are a fraction of the price, allowing consumers to buy diamond jewellery for less, or get a much bigger stone for the same money. Advocates also argue they are more ethical, because they avoid the environmental and human rights issues that have at times haunted the mining industry. While natural stones still command a higher price, the cost of each one has tumbled and laboratory-made stones have taken a big chunk of the last year, as many as 45 per cent of engagement rings sold in America were set with lab-grown diamonds. The US retail price of a one-carat natural diamond has fallen by 32 per cent to £3,480 ($4,618) since the peak in May 2022, according to Tenoris, which tracks prices. The retail price of a similar lab-grown diamond has fallen 75 per cent since the start of 2020, to £625 ($828). Paul Zimnisky, an expert on the market, said: 'I wager there have been three major factors that have subdued the diamond market over the last three years. The more widespread distribution of man-made diamonds is one of them. 'The other two are: a severe luxury recession in China and an overall global hangover from boom years in 2021 and 2022, where people bought enough diamonds for a while.' All this has put pressure on Botswana, and the impact of the slump spurred voters to oust Mr Masisi's government in October 2024. Ndaba Gaolathe, the new vice president and finance minister, has now warned of deep spending cuts and said the government is preparing to make 'drastic' fiscal adjustments to stay afloat. 'The first thing we need to do, obviously, is to live within our means,' he said late last month. 'That means cutting spending — doing away with what we believe is some of the fat.' Botswana has tried to diversify its economy so it is less reliant on diamonds, but has a long way to go. Zoë McCathie, a country risk analyst at Signal Risk, said: 'Botswana's economic position will remain subdued for as long as the diamond slump continues. 'Dependence on diamonds will also be a longer-term economic headwind for the country.' 'Going forwards, the new government's ability to diversify the economy and facilitate recovery in the diamond sector will be essential for retaining popular favour.' Amid the downturn, mining giant Anglo-American is seeking to off-load its De Beers diamond arm, which is partly owned by Botswana. De Beers, the world's largest diamond producer, is meanwhile trying to revive demand by using marketing muscle to persuade consumers of the natural stones' worth. Botswana and De Beers recently signed a 10-year deal to fund global marketing efforts. The industry has been built on some of the most successful marketing campaigns in history, including the idea that a diamond is forever. Producers are now hoping they can regain that magic and persuade shoppers that lab-made diamonds are no substitute for a natural sparkler. The Natural Diamond Council, set up by producers, insists that 'the immense time and geological forces behind every natural diamond make them some of the rarest treasures on Earth, adding to their value and significance'. It is also trying to correct what it says are inaccuracies, and employing celebrities like the actress Lily James as ambassadors for their stones. Producers say high energy costs mean lab-made stones are not as environmentally sensitive as they claim, and insist that natural stones will still hold their value better. Mr Zimnisky said: 'Diamonds are a luxury product. For consumers, it's an emotional purchase. Thus marketing is key. The diamond industry is famous for its marketing campaigns. Stakeholders in the industry cannot forget this.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Al Jazeera
17-03-2025
- Business
- Al Jazeera
Why does DRC want a Ukraine-like minerals deal with Trump, amid conflict?
The Democratic Republic of the Congo (DRC) is having 'daily exchanges' with the United States government with the aim of securing a minerals-for-security deal, Congolese officials have told the media. The move comes amid escalating violence in the East African country. The rebel M23 armed group has seized territory in areas rich in gold and coltan, an important mineral used in the manufacturing of electronic gadgets. At least 7,000 people have been killed since January, according to the DRC government. Thousands more have been displaced. Although there are no details of an official proposal for a deal with the US, DRC legislators appear to be hoping that the US will deploy troops to help contain the conflict in exchange for rights to the minerals. Analysts, however, say it is unclear whether such an alliance would align with US President Donald Trump's 'America First' policy, and that Washington would be more likely to take a less hands-on approach under any deal. 'The most likely scenario of such an agreement would be the US's provision of military equipment to the DRC as opposed to any direct troop support,' Daniel van Dalen, senior analyst at South Africa-based security intelligence firm, Signal Risk, told Al Jazeera. Here's what we know so far about the DRC's proposal: Why is DRC seeking a minerals deal with the US now? Observers say the DRC has been inspired by Washington's proposal to support Ukraine in its war against Russia in exchange for a minerals deal. That proposal entails Kyiv handing over a 50 percent stake in the country's minerals revenue to enjoy a 'long-term financial commitment to the development of a stable and economically prosperous Ukraine' from the US. According to the Reuters news agency, Andre Wameso, deputy chief of staff to DRC's President Felix Tshisekedi, went to Washington earlier this month to discuss a similar potential 'partnership' with US officials. DRC officials have not disclosed specific details on what such a deal would entail. Like Ukraine, the DRC needs security partners to win its war against the M23 and more than 100 other armed groups that have control of lucrative mines throughout the country. The resource-rich country is a major producer of tin, tungsten, tantalum and gold. These minerals, known collectively as 3TG, are used in the production of electronics, defence equipment, electric vehicles and other technology. DRC's untapped natural resources are estimated to be worth some $24 trillion. What has been proposed by Congolese legislators? On February 21, the Africa Business Council, an international advocacy group for African business interests, wrote to US Secretary of State Marco Rubio, inviting the US to invest in DRC's untapped resources. The group said it was acting on behalf of Congolese senator Pierre Kanda Kalambayi who chairs the DRC's senate committee on defence, security and border protection. The group suggested access to such investment could be made in exchange for 'a long-term economic and security partnership that benefits both nations'. In its proposal, the Africa Business Council proposed: Access to DRC's mines for US defence and technology companies and access to a port for exports. Control of a joint mineral stockpile of Congolese minerals to be shared by the two countries. In exchange, the US would provide training and equipment for Congolese forces and direct access to the US military in DRC. US officials last week signalled a readiness to consider such proposals, but did not respond directly. 'The United States is open to discussing partnerships in this sector that are aligned with the Trump Administration's America First Agenda,' a US State Department spokesperson told Reuters, noting that Congo held 'a significant share of the world's critical minerals required for advanced technologies'. The spokesperson added that the US would want to boost private sector investment in the DRC 'in a responsible and transparent manner'. What is the armed conflict in DRC about? A protracted conflict has raged in the DRC for more than 30 years. The country's armed forces are weak as a result of government corruption, according to analysts. The country has endured two civil wars between 1996 and 2002, as well as the current rebellion of the M23, with many thousands killed. Millions of people have been displaced. Defeating the M23 armed group is President Felix Tshisekedi's top priority. Although several peacekeeping forces are currently in the country, including a United Nations mission (MONUSCO), M23 has managed to seize at least two major towns – Goma and Bukavu – in a lightning advance. It is presently closing in on a third – Walikale, a major mining hub. A dispute with neighbouring Rwanda adds a further dimension to the conflict. The UN and US have both separately accused Rwanda of backing the M23 and supplying it with troops. They also allege the M23 group is smuggling gold, coltan and other minerals out of the DRC. Rwanda's President Paul Kagame denies any involvement with M23 but has in the past justified sending Rwandan soldiers to the DRC to protect Congolese Tutsis from alleged discrimination. That minority population fled Rwanda in 1994 in the wake of a genocide carried out by members of the Hutu majority. Rwanda has also accused DRC of harbouring Hutu armed groups involved in the genocide. During the Congolese civil wars, UN reports concluded that both Rwanda and its ally, Uganda, had looted the DRC's mineral resources. Analysts fear that scenario is playing out again, this time via the M23's control of lucrative mines in eastern DRC. The European Union, which signed a deal with Rwanda to supply 3TG minerals in February 2024, is now considering cancelling that contract. Rwanda currently supplies about 30 percent of the world's tantalum. The EU has similar agreements with the DRC. Several European countries, and the US, have in recent weeks imposed sanctions on key Rwandan officials they say are linked to the current violence in eastern DRC, and have called on Kagame's government to withdraw troops. How would the US benefit from a deal with DRC? Analysts say Washington could benefit from direct access to DRC-government-owned minerals. Former DRC President Joseph Kabila negotiated several minerals-for-infrastructure deals with China, although those have been criticised for not being transparent and for failing to deliver what was promised. Currently, Chinese companies dominate the investment landscape in DRC's minerals industry. Nine of the biggest cobalt mining regions are in the DRC's southern Katanga. Of the mines in those regions, half are run by Chinese operators. Under President Tshisekedi, the DRC government appears ready to shift away from China and invite other players to own and operate mines. DRC has signed deals with the EU and India in the past two years. This week, DRC spokesperson Patrick Muyaya told Reuters the country was ready to 'diversify' and that the US, in particular, would be welcome. 'If today American investors are interested in coming to the DRC, obviously they will find space … DRC has reserves that are available and it would also be good if American capital could invest here,' he said. However, analyst van Dalen said it is unlikely that the US would seek to own mines in the DRC, as Congolese politicians have proposed, because this would mean Washington would 'only be playing catch-up' with China. 'I don't foresee a scenario where any agreement materially alters the domestic security landscape in the near term or China's dominance in the sector,' he said. A more likely scenario, he added, would see the US buying directly from the government, while its rival, China, continues to operate mines. That approach would also prevent any potential US-China 'face-offs' on the ground. What will happen next? The two countries were already fostering a growing relationship under former President Joe Biden's administration but it's unclear if or when the DRC and the US would sign any deals. Although there are no US companies operating in the country, the US is investing in the Lobito Corridor, an infrastructure project which includes the building of railways and ports to export DRC's minerals through neighbouring Angola. Under Trump, that relationship is set to become more transactional, analysts say, as the Ukraine negotiations have demonstrated. However, experts also say it remains unclear how new US military equipment for the DRC would immediately change the course of the ongoing war, as the M23 continues its advance towards Kinshasa. Such support would more likely bolster the DRC's efforts to reform its weak military in the medium to long term, experts say.
Al Jazeera
17-03-2025
- Business
- Al Jazeera
Amid conflict, why does the DRC want a minerals deal with Trump?
The Democratic Republic of the Congo (DRC) is having 'daily exchanges' with the United States government with the aim of securing a minerals-for-security deal, Congolese officials have told the media. The move comes amid escalating violence in the East African country. The rebel M23 armed group has seized territory in areas rich in gold and coltan, an important mineral used in the manufacturing of electronic gadgets. At least 7,000 people have been killed since January, according to the DRC government. Thousands more have been displaced. Although there are no details of an official proposal for a deal with the US, DRC legislators appear to be hoping that the US will deploy troops to help contain the conflict in exchange for rights to the minerals. Analysts, however, say it is unclear whether such an alliance would align with US President Donald Trump's 'America First' policy, and that Washington would be more likely to take a less hands-on approach under any deal. 'The most likely scenario of such an agreement would be the US's provision of military equipment to the DRC as opposed to any direct troop support,' Daniel van Dalen, senior analyst at South Africa-based security intelligence firm, Signal Risk, told Al Jazeera. Here's what we know so far about the DRC's proposal: Why is DRC seeking a minerals deal with the US now? Observers say the DRC has been inspired by Washington's proposal to support Ukraine in its war against Russia in exchange for a minerals deal. That proposal entails Kyiv handing over a 50 percent stake in the country's minerals revenue to enjoy a 'long-term financial commitment to the development of a stable and economically prosperous Ukraine' from the US. According to the Reuters news agency, Andre Wameso, deputy chief of staff to DRC's President Felix Tshisekedi, went to Washington earlier this month to discuss a similar potential 'partnership' with US officials. DRC officials have not disclosed specific details on what such a deal would entail. Like Ukraine, the DRC needs security partners to win its war against the M23 and more than 100 other armed groups that have control of lucrative mines throughout the country. The resource-rich country is a major producer of tin, tungsten, tantalum and gold. These minerals, known collectively as 3TG, are used in the production of electronics, defence equipment, electric vehicles and other technology. DRC's untapped natural resources are estimated to be worth some $24 trillion. What has been proposed by Congolese legislators? On February 21, the Africa Business Council, an international advocacy group for African business interests, wrote to US Secretary of State Marco Rubio, inviting the US to invest in DRC's untapped resources. The group said it was acting on behalf of Congolese senator Pierre Kanda Kalambayi who chairs the DRC's senate committee on defence, security and border protection. The group suggested access to such investment could be made in exchange for 'a long-term economic and security partnership that benefits both nations'. In its proposal, the Africa Business Council proposed: Access to DRC's mines for US defence and technology companies and access to a port for exports. Control of a joint mineral stockpile of Congolese minerals to be shared by the two countries. In exchange, the US would provide training and equipment for Congolese forces and direct access to the US military in DRC. US officials last week signalled a readiness to consider such proposals, but did not respond directly. 'The United States is open to discussing partnerships in this sector that are aligned with the Trump Administration's America First Agenda,' a US State Department spokesperson told Reuters, noting that Congo held 'a significant share of the world's critical minerals required for advanced technologies'. The spokesperson added that the US would want to boost private sector investment in the DRC 'in a responsible and transparent manner'. What is the armed conflict in DRC about? A protracted conflict has raged in the DRC for more than 30 years. The country's armed forces are weak as a result of government corruption, according to analysts. The country has endured two civil wars between 1996 and 2002, as well as the current rebellion of the M23, with many thousands killed. Millions of people have been displaced. Defeating the M23 armed group is President Felix Tshisekedi's top priority. Although several peacekeeping forces are currently in the country, including a United Nations mission (MONUSCO), M23 has managed to seize at least two major towns – Goma and Bukavu – in a lightning advance. It is presently closing in on a third – Walikale, a major mining hub. A dispute with neighbouring Rwanda adds a further dimension to the conflict. The UN and US have both separately accused Rwanda of backing the M23 and supplying it with troops. They also allege the M23 group is smuggling gold, coltan and other minerals out of the DRC. Rwanda's President Paul Kagame denies any involvement with M23 but has in the past justified sending Rwandan soldiers to the DRC to protect Congolese Tutsis from alleged discrimination. That minority population fled Rwanda in 1994 in the wake of a genocide carried out by members of the Hutu majority. Rwanda has also accused DRC of harbouring Hutu armed groups involved in the genocide. During the Congolese civil wars, UN reports concluded that both Rwanda and its ally, Uganda, had looted the DRC's mineral resources. Analysts fear that scenario is playing out again, this time via the M23's control of lucrative mines in eastern DRC. The European Union, which signed a deal with Rwanda to supply 3TG minerals in February 2024, is now considering cancelling that contract. Rwanda currently supplies about 30 percent of the world's tantalum. The EU has similar agreements with the DRC. Several European countries, and the US, have in recent weeks imposed sanctions on key Rwandan officials they say are linked to the current violence in eastern DRC, and have called on Kagame's government to withdraw troops. How would the US benefit from a deal with DRC? Analysts say Washington could benefit from direct access to DRC-government-owned minerals. Former DRC President Joseph Kabila negotiated several minerals-for-infrastructure deals with China, although those have been criticised for not being transparent and for failing to deliver what was promised. Currently, Chinese companies dominate the investment landscape in DRC's minerals industry. Nine of the biggest cobalt mining regions are in the DRC's southern Katanga. Of the mines in those regions, half are run by Chinese operators. Under President Tshisekedi, the DRC government appears ready to shift away from China and invite other players to own and operate mines. DRC has signed deals with the EU and India in the past two years. This week, DRC spokesperson Patrick Muyaya told Reuters the country was ready to 'diversify' and that the US, in particular, would be welcome. 'If today American investors are interested in coming to the DRC, obviously they will find space … DRC has reserves that are available and it would also be good if American capital could invest here,' he said. However, analyst van Dalen said it is unlikely that the US would seek to own mines in the DRC, as Congolese politicians have proposed, because this would mean Washington would 'only be playing catch-up' with China. 'I don't foresee a scenario where any agreement materially alters the domestic security landscape in the near term or China's dominance in the sector,' he said. A more likely scenario, he added, would see the US buying directly from the government, while its rival, China, continues to operate mines. That approach would also prevent any potential US-China 'face-offs' on the ground. What will happen next? The two countries were already fostering a growing relationship under former President Joe Biden's administration but it's unclear if or when the DRC and the US would sign any deals. Although there are no US companies operating in the country, the US is investing in the Lobito Corridor, an infrastructure project which includes the building of railways and ports to export DRC's minerals through neighbouring Angola. Under Trump, that relationship is set to become more transactional, analysts say, as the Ukraine negotiations have demonstrated. However, experts also say it remains unclear how new US military equipment for the DRC would immediately change the course of the ongoing war, as the M23 continues its advance towards Kinshasa. Such support would more likely bolster the DRC's efforts to reform its weak military in the medium to long term, experts say.
